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Should You Buy a Home Now, Even With Bad Credit?
Feb 16

Should You Buy a Home Now, Even With Bad Credit?

Which is better: Trying to buy a home now with a bad credit score; or, rebuilding your credit first, then buying a home? MyBankTracker unwinds the dilemma. If you buy a home now and you have bad credit, you will only qualify for a loan with a higher than normal interest rate. That translates into

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Should You Refinance Your Mortgage Since Rates Are Low?
Jan 27

Should You Refinance Your Mortgage Since Rates Are Low?

The good news about low mortgage interest rates means a lot of home owners are seriously thinking about refinancing their home loans. In many cases, refinancing may make sense. But, it can turn out to be an expensive proposition unless you approach it with careful consideration. It may seem like a dumb question, but we’re

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Despite Low Interest Rates, Borrowers Still Need Help With Mortgages
Jan 21

Despite Low Interest Rates, Borrowers Still Need Help With Mortgages

Mortgage interest rates are sinking toward all-time lows! That headline should be shouting happy news to home buyers and the housing market. Instead, a consumer watchdog agency warns that we may not be maxing out the potential benefit of this buyer’s, or make that, borrower’s market. A report on the mortgage experience by the Consumer Financial

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Among the ‘Unbanked,’ Prepaid Cards More Popular Than Cat Videos
Nov 13

Among the ‘Unbanked,’ Prepaid Cards More Popular Than Cat Videos

The “unbanked,” by definition, don’t use savings or checking accounts, but that doesn’t mean they’re not huge fans of prepaid cards — cards preloaded with funds that act like a debit or credit card, but aren’t linked to any financial account. This affinity is undeniable. Although representing just 7 percent of the adult population, the

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Are CDs Still Worth It? 10 Rollover Ideas Before Your CD Matures
Oct 24

Are CDs Still Worth It? 10 Rollover Ideas Before Your CD Matures

With your certificate of deposit (CD) about to roll over, now’s the time to ask, are CDs worth it? Sure, you love the safety of investing in an FDIC-insured product, but CD yields have been scraping historical lows and show few signs, according to expert projections, of going up anytime soon. Do you just robotically

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10 Reasons Convenience Checks Are Dangerous to Your Financial Health
Oct 15

10 Reasons Convenience Checks Are Dangerous to Your Financial Health

Your credit card company absolutely loves you for being a loyal, punctual, bill-paying customer, and now wants to show you its appreciation by making you a fantastic limited-time offer. In a letter personally addressed to you and highlighted in red, you’ve been invited to use an enclosed set of credit card convenience checks however you please.

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How to Accept Credit Cards for Your Small Business
Jul 31

How to Accept Credit Cards for Your Small Business

If you’re getting ready to start a small business, or already have one up and running but need to expand your method of payment acceptance, you’ll want to know about the different ways you can accept credit or debit card payments from your customers. Not many years ago, anyone who wanted to start a small

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Mortgage Rates Show Slight Drop
Jul 29

Mortgage Rates Show Slight Drop

Mortgage rates fell slightly for the first time since May, as of the close of the week of July 19.

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Debit Transactions Growing in Volume, Shrinking in Size
Aug 23

Debit Transactions Growing in Volume, Shrinking in Size

Year over year, and despite regulations on the industry, consumers are turning to debit in greater numbers. Debit offers better control over spending, and greater ease for consumers. But because of the Durbin amendment to the Dodd-Frank Act, which limits the amount banks can charge for debit swipes, the industry is likely hurting from this

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The Wealthy Prepare to Move Their Bankrolls
Jul 23

The Wealthy Prepare to Move Their Bankrolls

The upcoming expiration of a generous deposit-insurance law may have the “1 percent” and cash-heavy savers scrambling to safeguard the large amounts of funds they have stored in certain bank accounts.

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Despite Falling Rates, Rewards Checking Still Viable for Savers
Jul 17

Despite Falling Rates, Rewards Checking Still Viable for Savers

Finding a solid return on your savings is a tough task in today’s low interest-rate environment. Savings accounts and certificates of deposit (CDs) fail to impress diligent savers, who’ve watched rates sink in recent years. Rewards checking accounts have also seen rates plummet. But they remain relatively attractive for some savers.

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Teens Hate Wall Street: Why It’s a Good Thing
Jul 16

Teens Hate Wall Street: Why It’s a Good Thing

Teen angst is likely as old as the concept of a teenager, and in modern days has kept afloat plenty of industries: parenting books, Hot Topic, screamo and studded things. It’s an important stage in one’s adolescence, to hate everything in society that prevents you, a 16-year-old, from really achieving what you think you’re capable

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How to Get Ahead on Wall Street: Lie, Cheat, Steal
Jul 10

How to Get Ahead on Wall Street: Lie, Cheat, Steal

When one-quarter of an industry’s leaders admit, in a survey, that lying and cheating is a prerequisite for advancement in that industry, what good things can you possibly say about it? Would you trust it with your life savings? Probably not, but the joke’s on you: you already do!

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Study: Prepaid on Track to Grow by 22 Percent This Year

Study: Prepaid on Track to Grow by 22 Percent This Year

The prepaid industry shows no signs of letting up. In fact, it should see substantial gains in market share over the coming years. According to a report by Packaged Facts, a market research firm, payment volume in prepaid is projected to rise by 22.4% this year alone “on the strength of almost 10 billion transactions.”

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New Fifth Third Bank’s Checking Accounts Push Relationship Banking
Jun 29

New Fifth Third Bank’s Checking Accounts Push Relationship Banking

As part of an extensive makeover to its deposits accounts, Fifth Third Bank unveiled a new line of checking accounts — many of which carry terms that reinforce growing trends in the banking industry.

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Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee
Jun 21

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Some new Wells Fargo checking account customers are facing a higher monthly service fee — and an even larger fee if they want to receive paper statements. However, the San Francisco-based bank made other changes that may benefit existing customers.

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Fed Study: CD Rates Are Less Attractive
Jun 20

Fed Study: CD Rates Are Less Attractive

Savers are veering away from stashing their cash in low-risk certificates of deposit (CDs), according to a recent study by the Federal Reserve. The findings may not be much of a revelation given the extremely low interest rates on most deposit accounts.

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Citi Offers New Way to Spend Rewards
Jun 19

Citi Offers New Way to Spend Rewards

Citi continues to add more ways for cardmembers to spend their rewards points. Starting today, Citi customers can use their ThankYou points to purchase event tickets through LiveNation.com.

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The Best Experiences Your Credit Card Can Buy This Summer
Jun 18

The Best Experiences Your Credit Card Can Buy This Summer

Credit card rewards programs don’t only let you score points for airfare, hotel accommodations or merchandise. They can also grant cardholders VIP access to sporting events, concerts, plays, wine-tastings, fashion shows and other exclusive experiences they may have not otherwise been able to get in to.

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New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers
Jun 14

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

Sallie Mae’s cash-back shopping program, Upromise, relaunched its credit card after changing issuers (from Bank of America to Barclaycard US.) The new Upromise World MasterCard makes its debut with a tempting proposition: 10% or more in cash back at popular online retailers, including the Apple Store, Macy’s, Staples, Walmart and Best Buy.

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Refinancing Your Mortgage Lines the Pockets of the Biggest Banks
Jun 12

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

With interest rates at record lows, there has never been a better time for Americans to refinance their home loans, at least in theory. Credit is still tight, making refinancing difficult for many, but refinancing activity is up despite all this. According to a report in the Financial Times, however, the biggest beneficiaries of all

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The Battle Between the 1% of Savings Accounts
Jun 07

The Battle Between the 1% of Savings Accounts

Depressingly-low interest rates continue to stifle the growth of Americans’ savings. Although there are thousands of savings accounts, few are able to tout an interest rate of 1% APY or higher. Using one of these accounts can gives savings a boost, regardless of how little it may be.

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Two Maps That Show Why Grads Are Screwed
May 31

Two Maps That Show Why Grads Are Screwed

Whether to move after college, and where to move to, are never easy questions. Often, if you’re lucky enough to find a job, it’s not a choice at all. But for those of us who set out to find ourselves, and hopefully a career, in a distant city (probably), it’s a gamble. It’s getting to

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UFB Direct Adds Money Market Account With 1.15% APY
May 30

UFB Direct Adds Money Market Account With 1.15% APY

UFB Direct, an online bank known for competitive interest rates, is unleashing its new money market account to keep Americans saving. Launched on Friday, UFB Direct’s money-market account — available online nationwide — touts an attractive 1.15% APY, which is a tad below TIAA Direct’s money market rate of 1.25% APY.

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7 Things Foreign Banks Do Better
May 10

7 Things Foreign Banks Do Better

The need to be better than everyone else is at the core of the American culture — even in banking. From mobile check deposit to mobile payments, more and more U.S. banks are embracing financial innovation to provide additional services and improve the customer experience. But, foreign banks aren’t any less competent in that regard.

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